Benzinga | Sep 20, 2021 06:50AM EDT

Independence Contract Drilling Signs A Drilling Contract For The Reactivation Of Its 16th Rig Which Will Work In The Permian Basin

Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE:ICD) today announced that it has signed a drilling contract for the reactivation of its 16th rig which will work in the Permian Basin, with a scheduled start date in mid-October 2021.

Anthony Gallegos, President & Chief Executive Officer commented, "Overall oil and natural gas market fundamentals and demand for ICD rigs continues to improve. After this most recent reactivation, which will be of a 200 series rig, future reactivations will focus on our 300 series rigs. We expect to reactivate at least one additional 300 series rig by year end. On the dayrate front, rates continue to move upward across our fleet with rates on our most recent awards rating over $3,000 per day higher than our second quarter 2021 reported averages. With our intentional focus on short term contract tenors to capture continued dayrate growth in an improving market, the vast majority of our rigs are scheduled to reprice at least once during the remainder of the year. This along with additional repricing opportunities in 2022 and an increasing percentage of our working fleet being comprised of 300 series rigs, sets up nicely for ICD operating results as we move into 2022."